2022 is the year that holds a lot of pledges for the wider crypto industry, especially for Americans. The prediction from Insider Intelligence shows adoption of crypto payment will continue to rise.
The data analytics platform predicts that the number of American adults who will own cryptocurrencies and utilize these nascent asset classes for payments will surge by double digits this year through 2023.
According to the forecast by the platform, payments made through cryptocurrencies will surpass $10 billion globally. This figure, if achieved, will signify more than 70% growth from the 2021 record.
“It is easier now to invest in cryptocurrency than ever before,” stated Nazmul Islam, the forecasting analyst at Insider Intelligence.
“In 2021, cryptos became easier to purchase within apps consumers were already using. At the same time, major financial institutions embraced crypto investments. Added hype surrounding meme stocks like Dogecoin to this easier accessibility, and you have a huge spike in ownership rates.
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Details into Crypto Demographics of Americans
When Satoshi Nakamoto introduced Bitcoin in 2009, its utility was only narrow to payments. This swiftly grew to become an investment asset in the past couple of years. As the industry keeps up its maturity and institutional investors wade in.
In a forecast of the adoption of digital assets this year, Insider Intelligence predicts that more adults in the 25 to 34 age range will dominate the pack. This dominance is following those who are aged 35 to 44. The smallest but fastest-growing group will be adults ages 65 and over.
“Younger investors have a genuinely positive outlook on blockchain technology. They are buying crypto to hold for a while, expecting prices to continue increasing in the long run,” said Islam. Older investors will be more risk-averse and leery of the volatile crypto market. Although, they are increasingly starting to invest in crypto as more retirement funds offer it as an option.”
Digital currencies and the innovations it heralds have come to stay. Further, several financial institutions are doing all they can to catch a fair share. The American and global emerging market will be built around these transitioning nascent asset classes.